Conducting on-chain audits is simpler than ever with Blockpour Recon.
It’s quite easy to look up the prices that cryptocurrencies are trading at on a given day. However, when searchers find prices on centralized exchanges, they neglect the broad capabilities that the blockchains bestow them. Chief among those capabilities is tracking the transaction history of tokens or wallets on-chain, which Blockpour Recon can with greater flexibility and power than ever before.
Parties that decry the use of cryptocurrency as a shady financial backwater where transactions are sent mysteriously from one party to another without any checks in place are plainly wrong. Most blockchains feature immutable transactional data that can be processed, ingested, and presented in ways that benefit stakeholders across multiple fields.
Blockpour has established itself as a reliable platform, processing data directly from blockchains without third-party inputs. Blockpour Recon is designed for businesses developing use cases involving digital assets. By offering a complete audit trail of historical transactions, covering specific tokens and wallets, it provides a crucial tool for performance measurement, solution scaling, and regulatory compliance.
What Managers Currently Face From On-Chain Audits
On-chain audits require a verifiable source of historical transaction data to track tokens utilized for various use cases such as stablecoins (including cross-border settlements and inter-company settlements), carbon credits, and more.
Businesses now need to include on-chain data as part of their audits for a number of reasons. Chief among those reasons is to measure performance and achieve regulatory compliance. Businesses need an audit trail of all the historical transactions that happened, either relating to a specific token or to wallet addresses that they might interact with.
Performing on-chain audits is a complicated task. It requires an aggregation of staggering levels of data that could be flawed if sourced through convoluted means by third parties. Under most circumstances, middle-office managers manually gather data from various block explorers, then cleanse and standardize it to ensure consistency across different data formats. This process is both time-consuming and prone to errors.
Regarding existing on-chain audit solutions, the focus has been placed on client-facing functionalities. Such functionality does not typically help a firm stay in compliance with regulations or scale. In many such cases, it adds scope, cost, and time to application development. It also becomes more difficult to acquire data from any on-chain actor and build it in a format that is useful and works to help teams meet internal KPIs.
Using Blockpour Recon to Track On-Chain Audit Trails
Blockpour Recon is a customized remedy designed to tackle the distinct obstacles faced by enterprises that need audit trails on the digital assets and accounts involved in their use cases. Through thorough consultations with stakeholders and partners, we've identified the demand for a holistic, multifaceted solution.
Blockpour Recon streamlines the process of gathering and consolidating data from many blockchains, effortlessly incorporates business context via wallet data labeling, and presents this data in an easily understandable format. As a result, businesses enhance efficiency and cost-effectiveness in a number of ways.
Regarding on-chain audit trails, Blockpour Recon is an out-of-the-box frontend solution to automate the retrieval of historical transaction data by token and account. That automation is a key factor that accelerates development timelines for solution architects at businesses building solutions in the Web3 space.
It also offers a highly valuable custom labeling feature that allows firms to quickly organize groups of on-chain wallet addresses into labeled entities.
For those who need direct access to data, the Blockpour API can feed blockchain transaction data into custom applications, abstracting the need for building custom data pipelines, monitoring, and maintenance. The API dataset offers extensive on-chain coverage, including 11 networks, more than 998,000 liquidity pools, upwards of 2,800 DEXes, and over 620,000 tokens.
Armed with a comprehensive array of carefully crafted features and specialized tools, Blockpour Recon tackles the challenges encountered by middle-office managers and solutions architects who deal with a growing number of on-chain clients. This strategic alignment fosters ease and efficiency during the on-chain audit process.
The main aim is to minimize or eradicate the need for expensive, tailor-made in-house solutions and reduce investments in separate systems dedicated to specific facets of on-chain audits. The ultimate objective is to empower businesses to concentrate their valuable resources on achieving their core analytical objectives.
Enhance your organization's ability to perform on-chain audits—experience the capabilities of Blockpour Recon today!
Blockpour is a technology firm specializing in Web3 data and analytics, offering individuals and businesses indispensable data and tools to navigate the dynamic on-chain universe while bridging seamlessly to the off-chain world.
Through our real-time and historical multi-chain data feeds, businesses and traders can fully unlock the power of blockchain data to inform their strategies, optimize operational efficiency, and drive top-line growth.
The above article is for informational purposes only and is not financial advice. Blockpour is a data aggregation and analytics platform only and does not provide financial advice or services of any kind.